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Mike Sullivan Trading Journal


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Mike Sullivan Trading Journal

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  #101 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

1 step forward, 2 steps back day for me.
9 trades... -$400 Net

Another order execution error on 1st trade on GC.
On chart a clear winner, but placed my stop, which became a limit order, for -3tix...
These things happen and I just wanted to explain the mishap!!!

Mike S.

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  #102 (permalink)
Richp2
Philadelphia, PA
 
 
Posts: 2 since Nov 2011
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Hey Mike,
Thanks for posting. I am a member of RLT family as well. Just joined the live room.
Do you only follow Mark's trades or do you take your own set-ups as well?

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  #103 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings...

No Trades today for Pres Day

Here's system trades if willing to take them....

NG can be fast n furious on setups.

The system kept you out of CL today with Yellow 15MA signifying CHOP!!!

Mike S.

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  #104 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

No trades today due to Day Job!!!

Here's a few screenshots of qualified trade setups

Mike S.

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  #105 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

5 for 9....
Had 1 loser too late on entry that would have won.
2 other losers were bad anticipation of 15MA turning color from Yellow.
Yes on entry it had turned, but didn't stay that way.
Need to feel this anticipated 15MA turning more.

All in all, work in progress but feel over time things will GREATLY improve for me

MS

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  #106 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

NG Trades... 7 trades [ 6 for 7 ] too many.. just showing setups...

CL Trades... 6 trades [ 5 for 6 ] too many.. just showing setups...

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  #107 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

4 for 6

One losing tade was bad anticipation of 15MA turning Green!!!
In that case should have limited my loss < 10tix!!!

The second losing trade was on GC and was a B to 50MA in uptrend.
Yes, I see a bunch of these work but still rubs me the wrong way.
I like matching 15/50MA confluence and 2/3linebreak outline candles
too in direction of trade. Will most likely scratch PB's from my trading plan.
Doesn't mean they're bad/weak trades, just doesn't fit my trading personality!!!

Otherwise happy with day.

Need to filter out more BAD TRADES and/or getting sucked into weak setups...

Mike S.

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  #108 (permalink)
 patidar 
Pergatory
 
Experience: Beginner
Platform: Smoke signals
Broker: Two cans on a string
Trading: Drums
 
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Posts: 116 since Jan 2014

3k is steep for this system.

Vol bars look like Corys vol bars.

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  #109 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


patidar View Post
3k is steep for this system.

Vol bars look like Corys vol bars.

Patidar

There's a price for everything. $3k - $5k are for most package systems.
Works for me being FULLY committed to it.
Too many times I stray to something else.

Just trying to post trade setups with methodology and always learning how to improve things.

Mike S.

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  #110 (permalink)
 patidar 
Pergatory
 
Experience: Beginner
Platform: Smoke signals
Broker: Two cans on a string
Trading: Drums
 
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Posts: 116 since Jan 2014

Thats all that matters Mike.

Works for you and you are making a living only thing that matters. Nice to see retail traders make it.

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  #111 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


patidar View Post
Thats all that matters Mike.

Works for you and you are making a living only thing that matters. Nice to see retail traders make it.

Patidar

Yes, making a living now is the ultimate goal.
Still finding my edge with this methodology.
I believe over time I can make it. Just updating journal showing my progress.

Mny Thx

Mike S.

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  #112 (permalink)
radar53
st. louis missouri united states
 
 
Posts: 4 since Dec 2013
Thanks: 0 given, 0 received

Hi Mike,
Thanks for posting your progress. Are you in the Right Line Trade room every day, or just using their software ?

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  #113 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


radar53 View Post
Hi Mike,
Thanks for posting your progress. Are you in the Right Line Trade room every day, or just using their software ?

I'm currently in room. Have access with system purchase. Mark is a good trader but I have a different way of trading and making it my own, so to speak.
I start my day at 7am, NY Time, and close to being done when Right Line Room opens around 8:30-8:45am, NY Time.
Having the software one needs to anticipate the trades and not wait for call outs. Need to trade on your toes, not on your heels in fast moving markets.
As you can see, I trade NG, CL, GC.....
NG is like a pinball machine at times, which can be both good and bad... But there are price patters that repeat and that's the whole goal on dialing in on those patterns.

Mike S

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radar53
st. louis missouri united states
 
 
Posts: 4 since Dec 2013
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Mike,
Got your private msg, but wasn't allowed to respond. I'm actually in the room now, just don't have the software yet.
Thanks again.

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  #115 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Wanted to post GC trades from Thursday, 2/20/2014...

3 qualified trades, even though there were 2 nice ABC's longs but with RED 50MA couldn't take....

The 3rd trade, which was loser, was in chop area. Patiently waited for Pwr entry into the 15MA.
Didn't matter. In these cases, could have limited loss give the lack of follow thru. Again will continue
to work on qualifying entries an/or limit 10tix loss when trade falls apart...

Mike S

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  #116 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

5 for 6 today

7:47am... GC -11 Weak 3LineBreak > 50MA. Should not have taken!!!

8:03am... NG +5 2LineBreak < 15MA

8:25am... NG +5 ABC

8:30am... CL +5 3LineBreak

8:45am... GC +5 Power Entry off 15MA

9:14am... GC +5 Momentum > MA's

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  #117 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 and done for day!!!

9:35am... GC +5 Break above 15MA

9:42am... CL +5 3LineBreak < 15MA


Showed another GC chart of nice pullbacks to 15MA that I didn't take...

Mike S.

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  #118 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

6 trades
3 for 6...
Both GC trades were in chop and should have only taken 1 but certainly not 2...

7:43am... GC +5 Momentum break below 15MA
8:12am... GC -5 Momentum break below 15MA - took 5tix loss due to lack of followthru
8:33am... GC -10 Momentum break below 50MA - CHOP area!!!
8:37am... GC -10 Momentum break below 50MA - CHOP area!!!
8:42am... CL +5 2LineBreak above 15MA
9:22am... NG +5 Momentum break above 15MA. Was a few tix outside of safe zone.. still took

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

4 for 5 today

8:53am... NG +5 Break above 15MA 15/50MA's Green
9:21am... CL -10 3LineBreak above 50MA. No continuation
9:35am... GC +5 3LineBreak below 15MA
9:40am... CL +5 ABC above 50MA
9:48am... CL +5 MOM [ momentum] above 15/50MA's

Net $225 after commissions

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  #120 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 and done!!!

1st trade experience 4tix slippage so managed trade at 1/2 profit or so.
GC trade was 5tix...

7:17am... NG +5 3LB above 15MA. 15/50MA's Green [4tix slippage on entry]
7:32am... GC +5 3LB/MOM above 15MA. 15/50 MA's Green


Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 and done!!

8:04am... NG +5 PB to 15MA. Green 15/50MA's
9:31am... GC +5 3LB Below MA's

$270 Net after commissions

Took 2 system trades. Practiced patience and didn't chase!!!

Mantra of today's today.....


Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Tough day today.
3 for 6!!!
Took 3 WEAK / BAD entries!!!!

Still need to improve on this.
On NG trades, there was a much better qualified trade to take prior to 2 full stop out.
That would have made me 3 for 3!!!!

Going back and assessing and stay away from those weak trade setups!!!

7:29am... GC +5 MOM above 15MA. Green 15/50MA's
8:24am... NG -11 15/50MA Green - Weak trade!!!
8:30am... NG -12 3LB + MOM above MA's. 15/50MA Green - weak trade!!!
8:42am... NG +5 3LB above 50MA
9:16am... CL -10 Break below 50MA. 15/50MA Red. Setup candle never turned 2/3 outline. Weak trade!!!
9:41am... GC +5 3LB + MOM below 15MA. 15/50MA's Red

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

4 trade setups today...

8:00am... GC +5 2LB above Green 15/50MA's
8:10am... NG +5 ABC / 2LB below Red 15/50MA's
9:03am... GC +5 ABC / 2LB above Green 15/50MA's [within safezone]
9:33am... CL +5 Break below Green 15/50MA's

Mike S.

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  #124 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 and done today.
Showed other qualified setups as well

6:53am... CL +5 3LB above Green 15/50MA's
7:17am... NG +5 2/3 Break below 50MA. Red 15/50MA's - aggressive for candle wasn't outlined ]2 or 3]
7:27am... GC +5 2LB / MOM above Green 15/50MA's
8:17am... GC +5 2LB above Green 15/50MA's
8:39am... GC +5 ABC below Red 15/50MA's - took this trade
9:01am... NG +5 MOM below Red 15/50MA's - tight trade. only went 6tix but if neg slip could be failed trade
9:04am... GC +5 2LB above Green 15/50MA's - took this trade

Enjoy rest of day and weekend!!!

Mike S.

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  #125 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

3 for 4 today... 75%
on my 1 loss need to take less than full stop out especially when thr
following candle closes at its midpoint of setup candle.
This is quite different that the following candle pulling back 4-5 tix of heat but ends up closing at its hi.
Again, implementing some money management would have produced a better results day.

Keep in mind I showed Pullback [PB] trades to 50MA. I don't take those but
still showing it as a viable setup within the rules.

CGQ had historical data issues on CL, so no CL trades today!!!

8:33am... NG (+5) PB 50MA
8:47am... NG +5 3LB below Red 15/50MA's
8:56am... GC (+5) PB 50MA
9:23am... NG +5 2LB below Red 15/50MA's
9:39am... GC -10 3LB above Green 15/50MA's - money mgmnt from above 6tix loss tops!!!
10:12am... GC +5 3LB above Green 15/50MA's


Mike S

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  #126 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Slow day
1 qualified trade I took for 5tix on GC

Had some slippage on entry for $170 or $155Net after commissions

8:01am... GC +5 Strat/PB to 15MA. Green 15/50MA's
8:28am... NG (+5) 3LB below red 15/50MA's - didn't take for very lite vol on NG

Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 and done!!

Slow day early on.
Patience for good setups and vol to return

7:14am... GC (+5) ABC Green 15/50MA's
8:56am... CL +4 2/3 cross 15MA Red 15/50MA's [adj to 4tix due to entry slippage]
9:22am... GC +5 Power Green 15/50MA's

Note: for managing trades going forward I will do an initial 10tix trailing stop as to limit the amt of
full 10tix stop outs.
Adj my profit if neg slip on entry.
Trades are based on 5tix or 6tix total move from entry....


Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 and done!!!

Going with 4 contracts now with my trailing 10tix stop
This way should limit the amt of full 10tix stop outs, which should be more
beneficial to the bottom line...

9:34am... NG +5 2LB above Green 15/50MA's
9:52am... NG +5 3LB below Red 15/50MA's


Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Happy St. Pat's Day!!!!
Luck O' the Irish was with me today...
Especially on my last GC entry....

3 and done!!!

8:34am... GC +5 3LB above Green 15/50MA's
8:55am... GC +5 MOM above Green 15/50MA's
9:13am... GC +5 MOM below Red 15/50MA's


Mike S

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Luck O' the Irish continues today.
3 for 4.
The GC losing trade I should have known better based on the prior Price Action choppiness.
I adjusted my stop as trade went 3tix in profit.

Net +7tix on 3 contracts or $180Net

9:11am... CL +5 ABC above Green 15/50MA's
9:47am... GC -8 ABC above Green 15/50MA's
9:59am... CL +5 3LB above Green 15/50MA's
10:00am... CL +5 Pwr above Green 15/50MA's - Non outline candle works too!!!!


Mike S

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

FOMC!!!
3 for 4...

8:25am... CL +5 3LB above Green 15/50MA's
8:47am... GC +5 2LB/MOM below Red 15/50MA's
9:54am... CL -9 3LB above Green 15/50MA's - chased this trade!!!
9:58am... CL +5 2LB above 15/50MA's - nice setup off 15MA Full candle

Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

No trades today due to day job.
But did review qualified setups for the day on NG, CL, GC
and only found 2 qualified setups

Mike S

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

4 for 6...
Not a good day w/2 losers!!!
But assess the losers... EZ to see why they did.
Need to still discipline myself on not taking lo probability setups.
The winners speak for themselves!!!

9:04am... CL +5 MOM/Strat above Green 15/50MA's
9:25am... GC -8 Weak Red 50MA. Flashed Green at entry. No followthru
9:45am... CL +5 Naked full candle above Green 15/50MA's
10:13am... CL -10 Power below Red 15/50MA's. Weak 50MA!!!
10:21am... GC +5 ABC below Red 15/50MA's. Took it due to strong slope of 15MA...
10:39am... NG +5 2LB below Red 15/50MA's


Mike S.

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att444
Fort Myers, FL/usa
 
 
Posts: 3 since Mar 2014
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Mike,

I have followed your trading journal and am impressed with your commitment to the process. You seemed to do very well and the few times you varied from your plan it stung.

I missed whether or not you were successful in completing your goals with the combine but did see that you are in another combine.

Congrats and will continue to follow your impressive journal.

Al

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 for 3 but broke even due to full stop out.
Net result -$75 on commissions.
Traded 5 contracts today from 3...

7:45am... GC +5 ABC/MOM below Red 15/50MA's
9:30am... CL -10 ABC short below 15/50MA's
9:31am... CL +5 Pwr below Red 15/50MA's - trade still alive and well to take!!!


Mike S

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

2 for 3 today...
Net $75 after commissions....

7:11am... CL +5 2LB above Green 15/50MA's. 15MA = 1.56 slope @ entry
7:49am... GC -7 2LB below Red 15/50MA's. 15MA = 2.43 slope @ entry
10:10am... CL +5 ABC above Green 15/50MA's. 15MA = 2.8 slope @ entry

Mike S.


Note: On GC trade, would have gone for 5tix, but took myself out after a longtime in trade.....
3rd trade CL ABC I liked for breakout above congestion. Not too much higher from SafeZone

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings...

6 for 8 today....
too made trades but made $300 Net on 5 contracts...

Had to change to June GC contract from Apr. Vol was awful!!!
Made all difference on GC as you can see 3 straight winners once I changed over

8:25am... CL -10 2LB above Green 15/50MA's. 15 MA did flash Grn @ entry. Still WEAK!!!
8:40am... CL +5 2LB above Green 15/50MA's. Stayed with trade for recovery 5tix
8:56am... CL +5 Error trade. Sometimes better to be lucky at times!!!
9:23am... CL -10 ABC above Green 15/50MA's
9:35am... CL +5 Power above Green 15/50MA's
9:44am... GC +5 Naked Bar below Red 15/50MA's
9:59am... GC +5 MOM above Green 15/50MA's
10:10am... GC +5 MOM above Green 15/50MA's

Everyone enjoy their weekend!!!


Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings

Started day early due to day job stuff...

1 and done on 5 contracts !!!

Net $225 after commissions

6:29am... CL +5 ABC/3LB below Red 15/50MA's


Mike S

As stated on chart, felt there was enough room to profit and strong 15MA slope to take trade
while it was retesting session low...

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings...

4 for 5....
Practiced patience in a tight range on both markets [CL, GC]

6:35am... GC +5 MOM below Red 15/50MA's
9:33am... GC -10 MOM below Red 15/50MA's - Risky due to range!!! Selling into support area
9:51am... CL +5 Power below Red 15/50MA's
10:11am... GC +5 3LB below Red 15/50MA's
10:14am... GC +4 MOM below Red 15/50MA's - adj for 1 tix slip on entry


Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
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Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings

3 for 6 today for -15tix

Will get em Friday!!!

7:49am... GC +5 2LB above Green 15/50MA's
8:16am... GC -10 2LB / MOM below Red 15/50MA's
8:20am... GC +5 ABC / MOM below Red 15/50MA's
8:30am... CL -10 MOM below Red 15/50MA's
8:57am... CL +5 ABC strong 15MA slope
9:06am... CL -10 Naked candle... Strong 15MA. No follow thru


Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
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Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings

2 for 2 finally.
But cut my second trade to 2 tix for it initially went 5 and didn't cash me out.
Didn't want to take a stop out so I adjusted down and banked 2tix.
Plus not to mention ending week on winning note and Friday being funky at imes...
$300 Net after commissions

7:59am... GC +5 Power above Green 15/50MA's
8:58am... CL +2 ABC above Green 15/50MA's


Mike S

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
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Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings

1 for 3 today down -10tix

Took SIM ledge trade which I'm looking at for incorporate into my trading
thanks to Welly192 on futures.io (formerly BMT)...

9:11am... CL -8 MOM / ABC below Red 15/50MA's
9:23am... GC -7 3LB below Red 15/50MA's
9:33am... CL +5 3LB above Green 15/50MA's
9:54am... CL +5 Ledge SR Long


Mike S.

Added another Ledge S trade on GC....

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
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Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

3 for 3 today

Trade setups today much better in relation to the MA's

When there's too much space/gap from setup candle to closest MA is key
Yesterday had 2 losses with space over 5tix.
Today every setup candle was tied to an MA!!!

Always learning and improving...

7:07am... CL +5 Candle cross above Green 15/50MA's
7:52am... CL +5 Power above Green 15/50MA's
8:21am... GC +5 Candle above Green 15/50MA's

Mike S.

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 msull35706 
Saratoga, NY USA
 
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Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

0 for 3 today
FOMC Minutes might be the culprit here!!!
Be careful everyone!!!

8:16am... GC -10 3LB above Green 15/50MA's
9:03am... CL -10 Candle cross Green 15/50MA's
9:30am... CL -6 3LB above Green 15/50MA's


Mike S

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
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Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Took Ledge Long on GC.
Again been looking to implement this into my trading plan...

Took snapshot of ledge earlier in session before I started trading
to reinforce the 'look'...

Mike S.

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 msull35706 
Saratoga, NY USA
 
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Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings

3 for 4 today

3 ledge trades and 1 PB to 15MA trade today...

6:52am... CL +5 Ledge Long
7:06am... CL -7 Ledge Long - -7 for it went 3tix into profit
8:46am... GC +5 PWR/PB to 15MA. Strong rejection candle. FULL body
8:59am... CL +5 Ledge long

Net 8tix or $160 on 3 contracts


Mike S.

FYI: There appeared to be a tix data issue today. Look for price gaps early on.
I leave my system on 24/7 thru week for tix data...

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 msull35706 
Saratoga, NY USA
 
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This is as clear of a ledge setup I can show....
ABC setup, might have gone in or not....
When price returned to ABC entry area again, the trade was still in tact
and definitely tradable!!!
The MA's stayed matching RED!!!

This should have been 2 trades, but luv'd how price returned again to go short @ ABC location...

You see these more than you know when you start training your eyes....

MS

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 laenxin 
Dallas
 
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Trading: ES, NQ
 
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Mike, I was able to be in the trading room four days this week and it was a very good week for Mark. The ABC patterns seem very consistent and common if you are patient for those setups. That pattern and maybe one more, say the Momentum Entry, may be sufficient to apply to the 3 markets he watches in order to do very well. Patience in waiting for the ideal, high probability setups seems to be his goal and strength.
The challenge I have wrapping my head around is the risk:reward ratios. At present, there are basically three outcomes for his four contract strategy:
Risk 40 ticks and lose 40 ticks - when the trade fails
Risk 40 ticks to make 10 ticks - when only profit target one is reached.
Risk 40 ticks to make 30 - when profit target two is reached
This obviously requires a higher win percentage, which he tends to achieve.
Unfortunately, needing a higher win percentage will exaggerate the loss outcome for someone new to his strategy that makes mistakes in execution.
Is there any discussion or assistance to adjust the risk:reward parameters for the markets he trades?
I know he uses smaller range charts for ES and the grains, but I would guess the reward is also proportionately reduced and the same issue exists.
I am trying to honestly evaluate his strategy. He seems to have a very reasonable structure from which to evaluate trade setups, and he is always looking to improve and simplify.
Thank you for any assistance.

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 msull35706 
Saratoga, NY USA
 
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Thanks: 141 given, 809 received


laenxin View Post
Mike, I was able to be in the trading room four days this week and it was a very good week for Mark. The ABC patterns seem very consistent and common if you are patient for those setups. That pattern and maybe one more, say the Momentum Entry, may be sufficient to apply to the 3 markets he watches in order to do very well. Patience in waiting for the ideal, high probability setups seems to be his goal and strength.
The challenge I have wrapping my head around is the risk:reward ratios. At present, there are basically three outcomes for his four contract strategy:
Risk 40 ticks and lose 40 ticks - when the trade fails
Risk 40 ticks to make 10 ticks - when only profit target one is reached.
Risk 40 ticks to make 30 - when profit target two is reached
This obviously requires a higher win percentage, which he tends to achieve.
Unfortunately, needing a higher win percentage will exaggerate the loss outcome for someone new to his strategy that makes mistakes in execution.
Is there any discussion or assistance to adjust the risk:reward parameters for the markets he trades?
I know he uses smaller range charts for ES and the grains, but I would guess the reward is also proportionately reduced and the same issue exists.
I am trying to honestly evaluate his strategy. He seems to have a very reasonable structure from which to evaluate trade setups, and he is always looking to improve and simplify.
Thank you for any assistance.

Laenxin

The system is based on T1 profitability of 5/6 tix. I'd say between 70-80%.
With that, you can profit with initial risk 10tix.
I'd like to chat more with you so pm me or reach out to me.

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  #150 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings

2 for 3 today

9:14am... CL +5 Dbl Bounce - session low retest
9:49am... CL -6 3LB above Green 15/50MA's - went 4tix in profit
10:01am... CL +5 SEL [2nd Entry Long] off Trend line

Using a lil Price Action to my trading today...

Simple Bar chart to right is 800tix chart w/21EMA and Auto Trend line indy

Mike S.

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 laenxin 
Dallas
 
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Mike, I have to make a few more posts to enable my PM.
Regarding risk management, assuming a system has a 70% win rate, risking 10 ticks to make 5 ticks, assuming 0.5 ticks commission, is a break even system.
Obviously, to alter this, you have to increase the win rate, increase the profit target and/or decrease the risk.
Assuming the market is CL, where each tick is $10:
Increasing the win rate >70% is difficult, if not unrealistic, especially for less skilled traders. Mark's win rate based on historical figures is in the 70% range.
Increasing the profit target 1 tick to 6 ticks would result in an average profit of $7/trade (at 70% win rate). However, increasing the profit target may reduce the win rate, and a rate of about 66% would again be break even.
Decreasing the risk seems to be the best alternative, but even that will alter the win rate.
It appears you may be considering a 10 tick auto trail to manage this.
Have you considered using a smaller range chart somehow to fine tune entries for less initial risk?
Given your experience with the strategy, I am assuming you have considered all of this already, and I don't pretend to be bringing anything new to the table. Rather, I am just wondering what your conclusions on these ideas are based on your experience.
Thank you.

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  #152 (permalink)
 msull35706 
Saratoga, NY USA
 
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laenxin View Post
Mike, I have to make a few more posts to enable my PM.
Regarding risk management, assuming a system has a 70% win rate, risking 10 ticks to make 5 ticks, assuming 0.5 ticks commission, is a break even system.
Obviously, to alter this, you have to increase the win rate, increase the profit target and/or decrease the risk.
Assuming the market is CL, where each tick is $10:
Increasing the win rate >70% is difficult, if not unrealistic, especially for less skilled traders. Mark's win rate based on historical figures is in the 70% range.
Increasing the profit target 1 tick to 6 ticks would result in an average profit of $7/trade (at 70% win rate). However, increasing the profit target may reduce the win rate, and a rate of about 66% would again be break even.
Decreasing the risk seems to be the best alternative, but even that will alter the win rate.
It appears you may be considering a 10 tick auto trail to manage this.
Have you considered using a smaller range chart somehow to fine tune entries for less initial risk?
Given your experience with the strategy, I am assuming you have considered all of this already, and I don't pretend to be bringing anything new to the table. Rather, I am just wondering what your conclusions on these ideas are based on your experience.
Thank you.

laenxin

Agree with all you say.
Call me crazy, but I believe can find certain RLT entries that are
pushing 80%... like 1st ABC's on a new trend/cycle, etc.
Look for only a couple of trades per day for income.

Lets keep in touch, exchange charts etc...

Mike S
michael.sullivan1014 - Skype

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  #153 (permalink)
 msull35706 
Saratoga, NY USA
 
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Greetings

3 for 4 today Net 9tix or $210 Net after commissions...

Focusing on conservative RLT [8R Chart] and Mack PA trades [800tix Chart]

7:37am... GC Candle break below Red 15/50MA. Strong 50MA slope
9:04am... CL +5 ABC above Green 15/50MA - in range but busted thru
9:44am... CL -6 SEL [2nd Entry Long] count from last pivot. Strong spike n channel
9:53am... CL +5 SEL - count from Top deeper PB allowed this...

Mike S.

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victrader
Buenos Aires Argentina
 
 
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Hello Mike, I want to ask you something for PM about RLT but Im new and I dont send private message.
Can you send me a email that can I do that ?
Thanks
Victor

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 msull35706 
Saratoga, NY USA
 
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Greetings

No trades today but here's only 2 that were nice to take following the RLT rules...

8:34am... GC +5 ABC above Green 15/50MA's
9:37am... CL +5 Mom below Red 15/50MA's

Again practice patience / discipline will get you to your daily profit goals!!!

Mike S

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 msull35706 
Saratoga, NY USA
 
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Greetings...

Took 1 price action trade today for 8tix.
Looking to work this into RTL methodology.

Price Action based off Mack's method on BigMike...

7:08am... CL +8 SES [2nd Entry Short] off session low. 21 EMA strong slope.
Cut profit to 8 from 10tix for it hit 9tix twice. With TL [Trend Line] break
looking for price to revisit previous low or session low

Mike S.

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 captvict 
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msull35706 View Post
Greetings...

Took 1 price action trade today for 8tix.
Looking to work this into RTL methodology.

Price Action based off Mack's method on BigMike...

7:08am... CL +8 SES [2nd Entry Short] off session low. 21 EMA strong slope.
Cut profit to 8 from 10tix for it hit 9tix twice. With TL [Trend Line] break
looking for price to revisit previous low or session low

Mike S.



Hi Mike...Thanks for keeping up to date with this...have you found that the tick charts can be just as effective as the range charts...I hate those darn things...jump around way too much....additionally...have you tried the software with the ES Mini...Thanks

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  #158 (permalink)
 msull35706 
Saratoga, NY USA
 
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captvict View Post
Hi Mike...Thanks for keeping up to date with this...have you found that the tick charts can be just as effective as the range charts...I hate those darn things...jump around way too much....additionally...have you tried the software with the ES Mini...Thanks

Greetings Captvict

Actually tick charts are far better for Price Action analysis.
Range charts normalize price too much.

I'm going to be an expert on drawing Trend lines + Channels!!!

Mike S.

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  #159 (permalink)
 captvict 
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Will the software work with tick charts or any other chart? Thanks Mike

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  #160 (permalink)
 msull35706 
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Patience prevails!!!

Waited for trend line break and took SES for 10tix
Right Line also was showing strong Red slope for 50MA

9:15am... CL +10 SES off top with trend line break.
Looking for retest of low or make a new low


Mike S.

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 msull35706 
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captvict View Post
Will the software work with tick charts or any other chart? Thanks Mike

Captvict

Optimized for Range charts, but I'm sure you can use on any chart type.
Just find instruments that have movement...

Mike S.

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 captvict 
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Thanks Mike...was in the room today...nice job by Mark....my concern is what if he needs some time off from the room....it appears he's a 1 man show......you better start tweeking your live call skills...you might be the guy...lol...stay well

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  #163 (permalink)
 msull35706 
Saratoga, NY USA
 
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captvict View Post
Thanks Mike...was in the room today...nice job by Mark....my concern is what if he needs some time off from the room....it appears he's a 1 man show......you better start tweeking your live call skills...you might be the guy...lol...stay well

Thx CaptVicT

Funny you say that... I've expressed doing a session at some point showing my point of view and using RTL, but never got a response.
I am looking to open an educational / chat room for a small amount of traders at some point.
There's lots of FREE platforms to choose from, so the price is right!!!

Mike S.

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 msull35706 
Saratoga, NY USA
 
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Greetings

3 for 5 today

Since changing my R:R to 10x10 from 5x10 my bottom line has improved
even with having 2 losers!!!

Mike S.

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 msull35706 
Saratoga, NY USA
 
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Greetings

1 and done today

2nd Entry short

8:59am... CL +10 SEL


Mike S.

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 msull35706 
Saratoga, NY USA
 
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Greetings...

1 and Done!!!

Got trade in early before news breaks for today...

Classic 2nd Entry Short and confirmation of strong matching slopes on RLT chart...

7:11am... CL +10 SES - JDawsey Trend line break confirm. Steep 50MA slope on RLT chart


Mike S.

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 Sazon 
Roswell, GA
 
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msull35706 View Post
Greetings...

1 and Done!!!

Got trade in early before news breaks for today...

Classic 2nd Entry Short and confirmation of strong matching slopes on RLT chart...

7:11am... CL +10 SES - JDawsey Trend line break confirm. Steep 50MA slope on RLT chart


Mike S.

Are you no longer trading the RLT method?

It seems that you have improved your risk/reward with your current strategy

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  #168 (permalink)
 msull35706 
Saratoga, NY USA
 
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Sazon View Post
Are you no longer trading the RLT method?

It seems that you have improved your risk/reward with your current strategy

Sazon

working in Price Action to my RLT method.
Yes, I've improved my R:R to 1:1.

Scalping for 5 and risking 10 was a killer on 2 or more losses.

Didn't know drawing trend lines / channels could be so good!!!

Keeping things simple is key and having some Price Action background doesn't hurt either

Mike S.

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 msull35706 
Saratoga, NY USA
 
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Greetings

Took 1 more before getting onto my day job.
Only took 4tix, being right before the CL pit open and since I already banked
10tix prior.

Don't want to be GREEDY!!!!

8:56am CL +4 SEL - scalped 4tix prior to Pit opening


Mike S.

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 captvict 
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Hi Mike...Are you putting the tick charts on the RLT templates...or are those something you developed? Thanks Vic

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  #171 (permalink)
 msull35706 
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captvict View Post
Hi Mike...Are you putting the tick charts on the RLT templates...or are those something you developed? Thanks Vic

Vic

Just an additional 800tix chart with a 21EMA and manually drawing Trend line + channels
in looking for key entry points of entry.

No changes to RLT chart...

Mike S,

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 msull35706 
Saratoga, NY USA
 
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Greetings

Spent the weekend in my laboratory and looked into Market Profile [MP]

Here's a CL setup that should have been taken around PP area @ 99.83
Based on Fridays MP, the odds of price returning back to Hi Volume Node / POC, were
highly doable based on Friday's action.

I got in and took 2 contracts out at 4tix, just under $100 or par and took 3rd contract out
@ 100.02 or 7tix.

Besides was a nice SEL [2nd Entry Long] off top.

Nice $150 start....

Mike S.

Note: Look a the order flow around 8m. Nice 'Capping' prior to SEL

Done for day.. 3 for 4 on 3 contracts...

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 msull35706 
Saratoga, NY USA
 
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Greetings

Getting back in the saddle after going into my laboratory

Trading Market Profile + Delta Footprint

Trading News as well - which is totally new for me...

1 trade.. 13tix Net on 1 contract...

Trade off 8:30am news release... As you can see could have banked considerably more.
This again is ALL NEW to me and will gain TRUST and learn to bank more in the coming weeks!!

Will keep you posted on this. Off to a good start....



Mike S.

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 msull35706 
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Here's added confirm of trade around 8:30am news release using Delta Footprint
Notice the capping on candles prior to trade!!!

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 msull35706 
Saratoga, NY USA
 
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Greetings...

Took 2 Market Profile trades short around resistance.
1st - lost for 9 tix.
Got back in again and banked 18tix.
+$230 Net for day....

Nice way to start week.

I'm learning how to read market differently and liking it!!!

Mike S.

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 msull35706 
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1 trade for 8tix today.
No news.. just looking at Mkt Profile, pivots and Globex hi/lo

follow the GREEN on the Delta Footprint chart.

Mike S.

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 msull35706 
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Took trade around 9:14am to get in.
got my 10tix fill 3min after 9:30am pen.

Follow the GREEN on Footprint chart.

Now done for day!!!

2 trades.. +18tix


Mike S.

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radar53
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So, Mike, have you stopped using the Right Line Trading methodology?

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  #179 (permalink)
 msull35706 
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So, Mike, have you stopped using the Right Line Trading methodology?

Currently taking an educational break on trading and learning the ins and outs of Market Profile along with Delta Footprint analysis.

Mike S.

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 BeachTrader 
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msull35706 View Post
Currently taking an educational break on trading and learning the ins and outs of Market Profile along with Delta Footprint analysis.

Mike S.

Mike I just started following this thread as I was interested in RLT. I am wondering if you are taking a break from RLT because you don't feel you could make enough money from it to make a living? Or are you not doing as well with it recently because the market conditions changed? Just asking because those are two reasons why I have jumped from system to system. Anyway, really like your journal.

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  #181 (permalink)
 avall38486 
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Mike, from following your journal I can sense that you are turning professional. Keep up the good work.
good to see you interested in MP.
Amin

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  #182 (permalink)
 msull35706 
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Thx Amin for kind words and will keep all posted to my next progression as
a day trader using Market Profile along with Delta Footprint for confirmation.

Mike S.

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 BeachTrader 
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I would be interested to know why you are switching methods around though?

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  #184 (permalink)
 ironman07 
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I don't understand why you are switching your approach. Even with Righline method you tried to venture away from the suggested R/R and were not profitable. now your into a completely new method. Perhaps if you had taken the time to use proper trade management to start you would have been profitable. Your trade selection was good however your R/R and trade management was bad/ to jump in and out of methods will only keep you under the boat.

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 avall38486 
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Mike, here is a link to James Dalton Webinars from his web site. Excellent information. Enjoy.
Amin

Public Webinars | J Dalton Trading

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 msull35706 
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avall38486 View Post
Mike, here is a link to James Dalton Webinars from his web site. Excellent information. Enjoy.
Amin

Public Webinars | J Dalton Trading

Many thx!!!

Mike S.

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 msull35706 
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ironman07 View Post
I don't understand why you are switching your approach. Even with Righline method you tried to venture away from the suggested R/R and were not profitable. now your into a completely new method. Perhaps if you had taken the time to use proper trade management to start you would have been profitable. Your trade selection was good however your R/R and trade management was bad/ to jump in and out of methods will only keep you under the boat.

Will keep you posted IronMan...
The drawdown days were killin me and never was able to recover for TopStep combine..

Mike S.

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  #188 (permalink)
 ghostpipper 
rockford
 
Experience: Beginner
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msull35706 View Post
Will keep you posted IronMan...
The drawdown days were killin me and never was able to recover for TopStep combine..

Mike S.

Hi Mike. I just found your journal myself. When you say drawdown, are you talking actual loosing weeks or just days? Was the week posative every week? What were your experiences overall with RLT? Im considering them as well. Much appreciate your honesty. Thanks in advance
Jon

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 DrRumpy 
Canada
 
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Enjoyed reading your journal. Keep up the good work.

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  #190 (permalink)
radar53
st. louis missouri united states
 
 
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I also enjoyed following your journal, Mike, wish you would post more, haven't heard from you in a while.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
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Greetings

Been studying PNF to define SR areas and OFA footprint analysis to confirm trade execution...

Today, traded 2 ES contracts for 4tix scalp.

The goal is to get winning percentage towards 70% and trade size for Top Step $150k combine...



Mike S.

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 avall38486 
Dallas, Texas
 
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Mike,
Now this is new. Point and figure, with OFA. But, you are right the support and resistance are very clear. Keep us posted.
Amin

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 avall38486 
Dallas, Texas
 
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Mike, here area couple of screen shots with some ideas you may like.
I tried to load the free OFA i have but that crashed NT.
By the way the channels you used to draw on the charts using the price action trading is really very good.
Amin

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 futurestrader7 
North Carolina
 
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Mike, can you share what your settings are in OFA? I just chose default settings, and all I got was a one candlestick bar. Not sure if I did something wrong or if it's because I installed in during the globex. Thanks!


msull35706 View Post
Greetings

Been studying PNF to define SR areas and OFA footprint analysis to confirm trade execution...

Today, traded 2 ES contracts for 4tix scalp.

The goal is to get winning percentage towards 70% and trade size for Top Step $150k combine...



Mike S.


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 nightshade 
canton mi
 
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msull35706 View Post
Greetings

Been studying PNF to define SR areas and OFA footprint analysis to confirm trade execution...

Today, traded 2 ES contracts for 4tix scalp.

The goal is to get winning percentage towards 70% and trade size for Top Step $150k combine...



Mike S.

What's ur exit criteria for dumping it before stop is hit or do you not do that?

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  #196 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
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nightshade View Post
What's ur exit criteria for dumping it before stop is hit or do you not do that?

Nightshade....

All in / All out!!!
Looking for 70% consistent profitability prior to going for another TopStep combine.
Which at this point will be the $150k with $9k target. With 20days to do it, only need to average $450 per day.
Being able to trade up to 15contracts seems doable....

Mike S.

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  #197 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
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avall38486 View Post
Mike, here area couple of screen shots with some ideas you may like.
I tried to load the free OFA i have but that crashed NT.
By the way the channels you used to draw on the charts using the price action trading is really very good.
Amin

Amin

Do you manually draw the SR lines on PNF chart?
For ES... I use 5min, 1 = Box 3 = Reversal setup

Thx for kind words

Have you been able to get OFA to load? I could/can assist if need be...

Keep posting ...

Mike S.

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  #198 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received


futurestrader7 View Post
Mike, can you share what your settings are in OFA? I just chose default settings, and all I got was a one candlestick bar. Not sure if I did something wrong or if it's because I installed in during the globex. Thanks!

FT7

Here ya go with NT OFA setting and VCA settings.
Enjoy

Also keep in mind I use DTN IQ Feed. Go to your Data Series area on chart. So setting is 1. Otherwise use setting of 2 for other data connections and mkt replay.


Mike S.

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  #199 (permalink)
 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings

No trades due to Day job commitments!!!

Showing 3 nice scalp opportunities after 10AM news release.
Follow the volume flow and look for Foot print to tell you when to pull trigger.
Setups had hi vol support underneath and also was trading thru prior day settlement price...
which I'm finding quite important.....

On PNF chart, there was a Dbl Top [DT] break at 1954.25.. which was a nice entry area...
The Delta print showed nice hi vol on Ask around 1953.50 area... with that and breaking above settlement
what else you need to pull trigger.... So was able to improve entry by 3 tix....

Mike S.

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 msull35706 
Saratoga, NY USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, GC
 
Posts: 377 since Aug 2010
Thanks: 141 given, 809 received

Greetings

Nice 2 scalps on ES following the vol flow...
So far, so good on new methodology.
Building confidence is key...


Mike S.

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